Nephrocare Health Services IPO Day 3: Dialysis services provider Nephrocare Health Services Ltd’s initial public offering (IPO), which began accepting bids on December 10, enters its final day of subscription today, December 12. The company has set the price band for the issue at ₹438–460 per share.
The basis of allotment is scheduled to be finalised on Monday, December 15, 2025, with successful investors expected to receive their shares on Tuesday, December 16. Refunds for applicants who do not receive an allocation will be processed the same day. Nephrocare is slated to make its market debut on the BSE and NSE on December 17, 2025.
Of the money raised through the fresh issue, Nephrocare plans to deploy ₹129.1 crore toward opening new dialysis clinics across India, while ₹136 crore will go toward repaying existing borrowings. The balance will be utilised for general corporate purposes.
The IPO has a lot size of 32 shares, translating into a minimum investment of ₹14,720 at the upper price band for retail participants.
The company also disclosed on December 9 that it secured ₹260.26 crore from anchor investors ahead of the issue opening.
Within the net offer, 49.38% of the shares have been earmarked for qualified institutional buyers (QIBs), 34.85% for retail investors, and 14.93% for non-institutional investors (NIIs). Additionally, Nephrocare has reserved 83,532 shares for employees, offered at a ₹41 per share discount.
The lot size remains unchanged at 32 shares, requiring the same minimum outlay of ₹14,720 for retail bidders.
The issue is being managed by ICICI Securities, Ambit, IIFL Capital Services, and Nomura Financial Advisory and Securities (India) Pvt Ltd, with Kfin Technologies Ltd serving as the registrar.
Nephrocare IPO GMP Today
Investor sentiment toward the IPO is muted, as Nephrocare ‘s grey market premium (GMP) rose to ₹20 on December 12 from ₹0 earlier. This suggested that the stock was likely to debut at ₹480, a premium of 4.34% from IPO price.
‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
The IPO was subscribed 0.37x by end of Day 2. The retail portion was subscribed 0.47x, and NII portion was booked 0.23x, Qualified Institutional Buyers (QIBs) portion received 0.29x bids. Moreover, the employee portion was subscribed 1.26x.
The company has received bids for 49.51 lakh shares against 1.32 crore shares on offer.
Nephrocare IPO – Should you buy?
Geojit Financial Services has given a positive view on the Nephrocare Health Services Ltd (NHSL) IPO, citing attractive valuations and a strong expansion strategy. At the upper price band of ₹460, NHSL is valued at an FY25 EV/EBITDA of 29x, which the brokerage says is reasonably priced compared with listed peers in the healthcare services space.
The firm highlighted that NHSL is aggressively expanding its dialysis network across India—particularly in tier-II and tier-III cities—through a mix of greenfield and brownfield projects. The company plans to deepen its footprint by opening new clinics, entering partnerships with hospitals to drive asset-light growth, and improving dialysis accessibility in underserved regions.
“Given NHSL’s focused expansion strategy, asset-light partnerships, and valuation at 29x FY25 EV/EBITDA at the upper band, we find the issue reasonably priced and recommend a SUBSCRIBE rating for long-term investors,” Geojit said.
About Nephrocare Health
Founded in 2010, Nephrocare Health Services Ltd. has grown into a major provider of dialysis solutions, operating a wide network of centres across India as well as select international regions. The company’s services cover the full spectrum of renal care — from diagnostic evaluation and haemodialysis to home-based and mobile dialysis options — complemented by wellness programs and an internal pharmacy infrastructure.
By September 30, 2025, Nephrocare’s footprint had expanded to 519 clinics, among which 51 facilities were located in the Philippines, Uzbekistan and Nepal. Its operations in Uzbekistan include the world’s largest dialysis clinic, underscoring its global scale. Within India, the company served patients across 288 cities in 21 states and 4 union territories, with 77.53% of its centres based in tier II and tier III geographies — a focus that enables it to address significant unmet medical needs in smaller and underserved markets.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
